The best life insurance for seniors is the company, who offers the most benevolent underwriting for older insured’s. As you grow older, your health could become an issue. Favorable underwriting can really make a difference whether you purchase term or permanent life insurance. There are several spreadsheet services that rank the best the best life insurance companies by premium. If any of those are known as benevolent underwriters, you have a good opportunity securing a deal.
There is no one best life insurance company for seniors, although some are certainly better for older persons than others. The one that is best for you will depend on your age, what face amount you desire, what type of policy you want, your health, and even the state in which you reside.
If you are over 60 and looking for something to cover your funeral, you will most likely find your most affordable rate in a "final expense" or "burial" policy. These usually refer to small, permanent policies that can be obtained with a minimum of underwriting (usually no exam is required). You can also get them under age 60, but sometimes there is some savings to taking an exam at younger ages.
If you are looking for a policy over $100,000 there are very few No Exam options available to older persons. So you will want to apply with a life insurance company that caters to senior health for a policy like that. Some life insurance companies allow higher blood pressure readings above a certain age, disregard family history if the applicant outlived his/her parent, or provide other concessions to seniors. Shopping with an agency that carries many options will help.
Principal, LifeNet Insurance Solutions, Redmond, WA
As with most types of life insurance coverage their is no "best" company. There are many carriers that may meet your objective, however the cost will change based on your health, amount of coverage needing and age. Sometimes this coverage will be so-called "final expense" insurance while in other situations another choice may be necessary or even better for you. As in most situations, a call to a good independent life agent will not only give you information, but also help define your needs.
Business Development Officer, T.D. McNeil Insurance Services, Fresno, California
A senior should do business with a qualified life insurance agent. That agent will listen to the senior’s unique concerns, offer sound financial advice, and communicate clearly with the insurance company and the senior. Matching the senior and their risk with an appropriate insurance program is the function of such an agent.
That is a great question! There are a lot of great companies out there to buy a policy from, and several that cater specifically to our Elder Citizens. There are some things that might help you weed out a few of them, like the financial strength of the company, ( look for A to A+ ratings by A.M. Best or Standard & Poors), their main product line ( If they are known for auto repairs, or lobbying for Elder Citizen rights, they may not do their best work on insurance, though they will have policies available to purchase. Be very careful to understand all of the details, and fine print before you buy one, please!) , and their track record with your State's department of Insurance (Look for complaints or citations). The best thing to do is look for an independent agent who can do all of that work for you, and help you find a policy that is right for you. Thank you for asking!
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If you are over 60 and looking for something to cover your funeral, you will most likely find your most affordable rate in a "final expense" or "burial" policy. These usually refer to small, permanent policies that can be obtained with a minimum of underwriting (usually no exam is required). You can also get them under age 60, but sometimes there is some savings to taking an exam at younger ages.
If you are looking for a policy over $100,000 there are very few No Exam options available to older persons. So you will want to apply with a life insurance company that caters to senior health for a policy like that. Some life insurance companies allow higher blood pressure readings above a certain age, disregard family history if the applicant outlived his/her parent, or provide other concessions to seniors. Shopping with an agency that carries many options will help.